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The classifications are updated each year on july 1 and are based on gni per capita in current usd using the atlas method exchange rates of the previous year i e.
Income classes world bank. 2019 in this case. Updated country income classifications for the world bank s 2020 fiscal year are available here. World bank country classifications by income level. For the current 2016 fiscal year low income economies are defined as those with a gni per capita calculated using the world bank atlas method of 1 045 or less in 2014.
Middle income economies are those with a gni per capita of more than 1 045 but less than 12 736. The world bank classifies the world s economies into four income groups high upper middle lower middle and low. High income economies are those with a gni per capita of 12 736 or more. In this year s list india continues to be classified as the lower.
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